Investors Gain N44 Billion Amid Stock Market Rally

The Nigerian stock market extended a gaining streak on Wednesday, adding N44 billion to its valuation as investors continued bargain hunting.

The insurance and banking sectors took the lead, posting the largest gains of 1.51 percent and 1.02 percent respectively.

The market capitalisation rose by N44 billion to close at N20.070 trillion from N20.026 trillion recorded on Tuesday.

Also, the All-Share Index increased by 83.27 points or 0.22 percent to close at 38,501.31 against 38,418.04 recorded on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which were Guaranty Trust Bank Holding Company, Dangote Sugar Refinery, Lafarge, Cutix, and Custodian Investment.

The market sentiment closed positive with 22 gainers in relation to 13 losers.

Cutix led the gainers’ chart in percentage terms with 10 percent to close at N3.63 per share.

John Holt followed with 9.84 percent to close at 67k, while UACN Property Development Company rose by 9.71 percent to close at N1.13 per share.

Tripple Gee & Company appreciated by 8.33 percent to close at 91k, while Wapic Insurance gained 5.36 percent to close at 59k per share.

On the other hand, BOC Gases led the losers’ chart in percentage terms by 9.94 percent to close at N7.70 per share.

Berger Paints trailed with 9.64 percent to close at N8.90, while Courteville Business Solutions shed 4.55 percent to close at 21k per share.

Japaul Gold and Ventures shed 3.92 percent to close at 49k, while Unity Bank depreciated by 3.51 percent to close at 55k per share.

In the same vein, the total volume of trades increased by 2.5 percent to 296.09 million shares valued at N2.56 billion exchanged in 4,507 deals.

This was against a total of 288.93 million shares worth N2.42 billion transacted in 4,540 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 34.84 million shares valued at N265.09 million.

Access Bank followed with 28.69 million shares worth N271.74 million, while Zenith Bank traded 27.73 million shares valued at N689.16 million.

Fidelity Bank accounted for 24.74 million shares worth N57.42 million, while Transcorp transacted 23.93 million shares worth N2.14 million.